Bitcoin is down about 6% today. Sounds ugly, but the names I'd call "blue chips" of DeFi and AI got hit much harder. $UNI is down 18%, $NEAR 17%, $AVAX 15%. TAO, INJ and ENA all lost around 16% in the same 24 hours.
What stands out to me is the month, not the day. UNI is at $4.69 after trading near $7.3 a month ago, about 36% lower. NEAR sits at $2.92 versus roughly $5.1, down over 40%. Those aren't dips anymore, that's a full repricing of what the market thinks these tokens are worth.
And it came with about $1B of liquidations over the last day, 93% of them longs. Leverage got punished, but it's the second time in three days.
Here's what I'd tell a friend who's new: a coin that looks cheap isn't automatically safe. In 2018 and 2022, tokens that looked "obviously oversold" kept sliding for months. The ones that eventually came back had real revenue and real users, not just a good story.
So I'm watching three things:
• sellers getting exhausted on heavy volume
• Bitcoin holding above 64K
• alt bounces that survive more than a day or two
Until then, every green candle is a question to me, not an answer.
Which alt do you still hold real conviction in, and why?
#Altcoins #DeFi #Liquidations #Uniswap #NEAR
Not financial advice. DYOR.
What stands out to me is the month, not the day. UNI is at $4.69 after trading near $7.3 a month ago, about 36% lower. NEAR sits at $2.92 versus roughly $5.1, down over 40%. Those aren't dips anymore, that's a full repricing of what the market thinks these tokens are worth.
And it came with about $1B of liquidations over the last day, 93% of them longs. Leverage got punished, but it's the second time in three days.
Here's what I'd tell a friend who's new: a coin that looks cheap isn't automatically safe. In 2018 and 2022, tokens that looked "obviously oversold" kept sliding for months. The ones that eventually came back had real revenue and real users, not just a good story.
So I'm watching three things:
• sellers getting exhausted on heavy volume
• Bitcoin holding above 64K
• alt bounces that survive more than a day or two
Until then, every green candle is a question to me, not an answer.
Which alt do you still hold real conviction in, and why?
#Altcoins #DeFi #Liquidations #Uniswap #NEAR
Not financial advice. DYOR.
